Chapter IV FINANCE AND PROPERTY

(1) There shall be a fund called the Banavasi Development Authority Fund.

The Fund and all property held or vested in the Authority shall be utilised for carrying out the purposes of this Act.

The State Government shall every year make a grant to the Authority of a sum equivalent to the administrative expenses of the Authority, until the Authority reaches self maintenance stage out of its own resources and also provide grant-in-aid from time to time for development of heritage sites.

(1) The Authority shall prepare every year, before such date and in such form as may be prescribed, a budget estimate of its income and expenditure for the financial year to commence on the first day of April next following and shall forward it to the State Government for sanction. The Authority shall also prepare supplementary Budget Estimates, during the course of any financial year, if necessary. (2) The State Government shall approve the Budget Estimates and Supplementary Budget Estimates with or without modifications. (3) In cases of extreme urgency, the commissioner shall be competent to incur expenditure not exceeding Rs. 5,00,000 in a financial year, notwithstanding the fact that such expenditure has not been included in the annual or Supplementary Budget Estimate approved by the State Government under sub-section (2). (4) The Commissioner shall also have power to re-appropriate funds from one unit of expenditure to another unit, subject to a maximum of Rs. 1,00,000 at a time.

(1) The Commissioner shall cause to be maintained such books of accounts and other registers as may be prescribed and shall prepare in the prescribed manner an annual statement of accounts. (2) The financial year of the Authority shall commence on 1st April of each calendar year and shall end on 31st March of the succeeding calendar year. (3) The accounts of the Authority shall be audited annually by the Controller, State Audit and Accounts Department. The Authority or the State Government may order concurrent and special audits also. (4) The auditor shall, for the purposes of the audit, have access to all the accounts and other records of the Authority. (5) As soon as may be after the receipt of the annual statement of accounts and the report of the auditor, the Authority shall consider it in its meeting and send a copy of the annual statement of accounts together with a copy of the report of the auditor to the State Government, along with its explanation on the comments made by the auditor, if any, and a statement of action taken by the Authority to remedy the irregularities or loopholes, if any, pointed out by the auditor. (6) The State Government may after perusal of the report of the auditor, and other documents submitted to it as under sub-section (5), give such directions as it thinks fit to the Authority and the Authority shall comply with such directions.

(1) The Authority shall prepare an Annual Report of its working for each financial year and submit it to the State Government along with other reports. (2) The State Government shall lay the Annual Reports before each house of the State Legislature.